MSE News: Home repossessions at 14-year high

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Around 46,000 people had their property taken by their mortgage lender last year, the highest total since 1995 ..."

Read the full story:
Home repossessions at 14-year high

Angiepange

We are currently going through the Mortgage Rescue Scheme (Mortgage to Rent Option).

If our applcation fails we will be repossessed.

Anyone out there been successful on this scheme?

brit1234

Its going to rise far higher. So many people bought overpriced housing with cheap credit, many lied about earningsmany over geared with buy to let. These figures will rise as rates go back to normal levels.

neas

have notice in my search for houses alot are chain free l;ol

wodgerdodger

neas wrote: »

have notice in my search for houses alot are chain free l;ol

I dont think this necessarily that they are repossesions or that a landlord is off loading property. I think it more likely that many owners have taken the decision to rent immediatley after selling and be in a CASH BUYER postion when they go back into the market. In any case many prosepective sellers wont willingly agree a deal unless their buyers have already sold or about to exchange

fatbelly

Angiepange wrote: »

We are currently going through the Mortgage Rescue Scheme (Mortgage to Rent Option).

If our applcation fails we will be repossessed.

Anyone out there been successful on this scheme?

Not many.

See this article:

http://www.mortgagestrategy.co.uk/lenders/some-276-households-helped-by-mortgage-rescue-scheme/1006663.article

I particularly liked the comment following:

Figures out today show the government’s £285m Mortgage Rescue Scheme has helped 276 households since it launched in January 2009.

This equates to public money of £1,032,608.69 per household, what a waiste of public money!

Angiepange

I particularly liked this comment:

At least the following is a far better offer than that being made by the sale and rent back lenders:

The government also offers a “Government Mortgage to Rent?” which means the registered social landlords will buy a home for 97% of its market value. The homeowner stays in their home and pay rent to the RSL as their tenant. The rent will be 20% less than the market rate for the area.

And this one:

Don't be an idiot - they haven't spent all £285m on just these 276 households

fatbelly

I also note that there were three successful applications for MRS from the 'North East' and four from the 'South West' during the past three months.

Not very good for a £285 million scheme is it?

motch

Angiepange wrote: »

I particularly liked this comment:

At least the following is a far better offer than that being made by the sale and rent back lenders:

The government also offers a “Government Mortgage to Rent?” which means the registered social landlords will buy a home for 97% of its market value. The homeowner stays in their home and pay rent to the RSL as their tenant. The rent will be 20% less than the market rate for the area.

And this one:

Don't be an idiot - they haven't spent all £285m on just these 276 households

pay full market price but get 20% less rent? - math don't add up.

Angiepange

fatbelly wrote: »

I also note that there were three successful applications for MRS from the 'North East' and four from the 'South West' during the past three months.

Not very good for a £285 million scheme is it?

Agree with you there, but when its your last resort you can but hope...